BNY Mellon Sued over FX Trading

U.S., New York allege bank misrepresented its pricing practices for 10 years.

Bank of New York Mellon Corp. was sued by the U.S. Attorney’s Office in Manhattan and the New York attorney general for allegedly defrauding clients in foreign currency trades.

The bank earned $2 billion through a 10-year fraud in which it misrepresented to customers its pricing practices, according to a complaint by New York Attorney General Eric Schneiderman and the City of New York. The U.S. Attorney’s Office filed a separate suit in federal court.

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